Brooklyn Condo Prices Still Climbing

The average sale price for a condominium in Brooklyn increased four percent in April to $656,784, compared to the same period last year

(Brooklyn Eagle) -- “The price increases for condominiums in Brooklyn are the result of new units being built and the continued appeal of its distinctive neighborhoods,” said Steven Spinola, REBNY president. “Several Brooklyn neighborhoods are now seeing the results of rezonings in the last several years that have enabled hundreds of new condominium units to be built.

• South Park Slope. The area posted the largest price increase as average prices for condos soared 96 percent to $608,824. The number of sales also skyrocketed from three sales in April 2007 to 21 sales in April 2008.

• Greenpoint. The average condo prices increased 40 percent to $560,947 in April, while the number of sales jumped from seven in April 2007 to 25 in April 2008.

• North Williamsburg and East Williamsburg. The average prices for condos in these areas were each up 12 percent to an average price of $798,000 and $510,000 respectively. Overall, Williamsburg had 35 sales compared to 31 last April.

• Park Slope. Overall, the neighborhood saw a jump in the number of sales to 43 in April 2008 compared with 15 sales in April 2007.

• Fulton Ferry Landing. The area posted an average sales price increase of 20 percent to $1,246,250. The high price of units in the Fulton Ferry Landing area is the result of the sales of large lofts and new luxury units, according to sales information.

“Based on the April sales information, the average price increases are quite substantial and demonstrate the continued health of the housing market in the borough, despite a slowing market around the country,” said Spinola.